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Mumbai:
Reliance Money, the investment product distribution arm of Anil Dhirubhai Ambani
Group, is entering the retailing business with gold coins from Swiss precious
metal refining major Valcambi. The company, which
also announced the partnership with Switzerland''s Valcambi SA for the gold retailing
business, becomes the first non-banking private sector company in India to do
so. "Gold makes a good investment as it also acts as a hedge against
inflation. People will buy coins as it is easy to exchange and store, while in
the case of jewellery there is no surety on purity and involves additional costs
related to making charges," Reliance Money CEO Sudip Bandyopadhyay said.
"Gold has always been an important element of Indian tradition.
Even today, it is an important financial investment. India is the largest consumer
of gold in the world and we feel that it is important to add this to our portfolio
of existing products and services," he added. "We are happy
to partner with Reliance Money for precious metals
and would continue to offer high quality of precious metals to Indian consumers
through this partnership," Valcambi SA managing director Michael Mesaric
said. Reliance Money already has 2,500 outlets across the country.
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